Retirement Compensation. 4.1 All employees are contributing members of the School Employees Retirement System and entitled to all benefits. The Treasurer will deduct ten percent (10%) of the annual salary of each employee for retirement contribution. The Board will “pick up” this employee’s share. The pick up amount will be subtracted from the salary as listed on the salary schedule, thus reducing gross pay by a like amount. This procedure shall be in compliance with the A.G. Opinion 82-097, which permits the amount picked up by the employer to be used in the calculation of final average salary for retirement purposes.
Retirement Compensation. A. If a teacher retires from duties after reaching the minimum age fixed by law for retirement or after having performed professional duties in this District for not less than ten years, he/she shall be paid a retirement stipend. This stipend shall be considered as part of the salary of the final year of service, but shall be paid at the close of the year, after the retirement has become a fact. The amount of the sti- pend shall be determined by allowing $100 for each full school year or major fraction of the school year during which the retiring teacher has been employed in the schools of this District, provided, however, that in no case shall the stipend amount to more than $2,400.
Retirement Compensation. The Company shall establish a deferred compensation plan (“SERP”) that is substantially similar to the B/E 2010 Deferred Compensation Plan, including allowing for the deferral of Equity Awards thereunder, on or as soon as practicable following the Effective Date. On the ninetieth (90th) day following the Effective Date and on a quarterly basis thereafter during the Employment Term, the Company will make a tax deferred contribution to the SERP (the “Retirement Contribution”) on behalf of Executive equal to twenty-five percent (25%) of the Salary in effect as of the date of contribution. Each Retirement Contribution shall be allocated to Executive’s retirement account under the SERP, shall be fully vested on the date that such Retirement Contribution is made and shall otherwise be subject to the terms and conditions of the SERP.
Retirement Compensation. For each complete year worked under this Agreement the Employee shall earn and be entitled to receive an annual retirement payment equal to $7,500 (the "Retirement Payment"). (For example, if the Employee is employed for five years and eight months under this agreement the annual retirement payment would be 5 X $7,500 = $37,500) The Retirement Payment will be payable to the Employee, or in the event of the Employee's death, to his estate, beneficiaries, or designees, on the first business day of January in each of the first ten years following the date the Employee leaves the service of the Company. The Retirement Payment will be in addition to any deferred compensation, pension, or other payments the Employee has earned under this and any other previous and subsequent agreements with the Company and any other payments he may be due under the Company's employee benefit plans.
Retirement Compensation. (i) If Executive’s employment is terminated for any reason other than Cause, the Company shall pay to Executive a lump sum amount equal to the amount by which (A) the product of (1) one-half multiplied by Executive’s average annual salary for the three (3) year period preceding the Termination Date times (2) the number of years (including any partial year) since May 1, 1993 (the “Retirement Compensation”) exceeds (B) the sum of any amounts previously distributed to Executive pursuant to Sections 5(g)(ii), 5(g)(iii) and 5(g)(iv). The lump sum amount to be paid shall not be present-valued or otherwise reduced by use of any other discount or discounting method. The payment will be made to Executive within five (5) business days following the Termination Date.
Retirement Compensation. 31.09 The Employer shall meet with any employee who requests a meeting with the Employer to discuss a plan for retirement. If the Employer and an employee agree to discuss a retirement compensation package, the Union shall be notified and, if the employee so requests, the Union shall have the right to be a party in any such discussions. The Union will be informed of the terms of any compensation package which is agreed between the Employer and the employee. Phased retirement appointment
Retirement Compensation. All current monthly recruitment and retention differential payments shall be considered as compensation for purposes of retirement.
Retirement Compensation. Any teacher who meets the above eligibility requirements shall be provided with a maximum salary increase limited to 6% above the teacher’s base salary for the preceding year for a period of up to three (3) school years prior to retirement provided that such an increase does not result in causing the Board to pay any penalties resulting from excess creditable earnings. The total creditable earnings reported to the Illinois Teacher Retirement System (ITRS) during any of these three (3) years shall not be more than 6% of the teacher’s creditable earnings for the immediately preceding year.
Retirement Compensation. Article VI shall constitute the retirement program of the Corporation and shall be counted as part of the cost of any salary agreement between the Board and the Association. For purposes of this Article and to qualify for total disability, a Teacher must be adjudged permanently disabled by the Indiana State Teachers’ Retirement Fund (ISTRF). Retired teachers who are hired on or after July 1, 2021 will not be eligible to receive the retirement benefits set forth in Section A (401(a)), Section B (403(b)), Section C (VEBA) and Section D (Sick Leave Bonus) below.
Retirement Compensation. The Company shall maintain a deferred compensation plan (“SERP”) that is substantially similar to the B/E 2010 Deferred Compensation Plan, including allowing for the deferral of Equity Awards thereunder. For each fiscal quarter during the Employment Term ending on or prior to January 31, 2017, the Company will make a tax deferred contribution to the SERP (the “Retirement Contribution”) on behalf of Executive equal to twenty-five percent (25%) of the Salary in effect as of the date of such contribution. Effective for Retirement Contributions made for fiscal quarters during the Employment Term commencing on or after February 1, 2017, each Retirement Contribution shall be reduced and shall equal seven and one-half percent (7.5%) of the Salary in effect as of the date of such Retirement Contribution. Each Retirement Contribution shall be allocated to Executive’s retirement account under the SERP, shall be fully vested on the date that such Retirement Contribution is made and shall otherwise be subject to the terms and conditions of the SERP.
